CareRev, a labor marketplace platform, has announced a $50 million Series A financing round led by Transformation Capital, a growth equity fund focused on innovative healthcare IT and services companies. The Los Angeles-based CareRev offers a cloud-based platform where hospitals and other healthcare facilities post shifts when they need clinical support. Local healthcare professionals claim the shifts through their mobile app. The company offers health systems the technology to create their own hybrid marketplaces in which internal employees are given the option to claim shifts before they're broadcasted to local, external CareRev professionals.
Since the arrival of the pandemic last year, Hospitals nationwide were forced to adapt quickly with the help of technology. "When the pandemic hit, we were ready to help both hospitals and healthcare professionals through the uncertainty. The flexibility of our solution allowed for accelerated adoption when it was most needed," Will Patterson, CareRev's founder, and CEO. "Our vision is to build a more resilient post-COVID workforce in which health systems can tap into a latent supply of local, flexible healthcare professionals when they need them, and professionals are empowered to work where and when they want."
With this new funding, CareRev aims to scale its product and operations, including incorporating more AI and machine learning, to achieve a more significant market impact. "We're excited to increase the momentum and continue building technology that reduces the challenges of traditional healthcare staffing," said Patterson. "We've already seen 20 percent month-over-month growth since April of last year, doubled our revenue in the past six months, and in Q4 alone doubled the amount of healthcare professionals using our mobile app. The demand for flexible staffing is through the roof."